Results 16,361-16,380 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Insurance Industry (15 Jul 2014)

Michael Noonan: In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland, as regulator, interfere in the pricing of insurance products.  The provision of insurance cover and the price at which it is offered is a commercial matter for insurance companies and is...

Written Answers — Department of Finance: Tax Code (15 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that the organisation in question has completed the first stage of the appeals process, namely consideration of their application by the appropriate appeals officer in the Cork Revenue office.  I am advised that his decision upheld the original decision taken by the Central Repayments Office and that the organisation and the Deputy were...

Written Answers — Department of Finance: NAMA Bonds (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 179 and 180 together. There is no basis for the Deputy's suggestion that the European Central Bank is putting pressure on NAMA for an early redemption of its senior bonds. Contrary to what the Deputy suggests, the NAMA scheme as approved by the European Commission in February 2010 did not specify a final date for the redemption of NAMA senior bonds. The NAMA...

Written Answers — Department of Finance: General Government Debt (15 Jul 2014)

Michael Noonan: The forecast average rate of interest on general government debt for 2014 is given as 3.9% in my Department's Stability Programme Update, 2014 published last April.

Written Answers — Department of Finance: NAMA Bonds (15 Jul 2014)

Michael Noonan: I am advised by NAMA that 0.33% is the forecast expected average 6 month euribor interest rate on the NAMA senior bonds currently outstanding in 2014.

Written Answers — Department of Finance: GDP-GNP Levels (15 Jul 2014)

Michael Noonan: The most recent fiscal forecasts were contained in the Stability Programme Update published in April.  The forecast for 2015 is predicated on a consolidation package of €2.0bn which has been well flagged over recent years and represents no change in stated Government policy.  This is estimated to deliver a general government deficit of 2.9% of GDP. However, as the Deputy...

Written Answers — Department of Finance: Budget 2015 (15 Jul 2014)

Michael Noonan: As the Deputy will be aware, the Government has decided to hold Budget Day on or before the 15th of October from now on. This means that Budget 2015 will be presented and published on Tuesday, the 14th of October this year. This allows us to present our Budget and finalise it through the necessary legislation before the end of the year, in line with our EU commitments, in co-ordination with...

Written Answers — Department of Finance: NAMA Debtors (15 Jul 2014)

Michael Noonan: I am advised that NAMA is currently aware of a total of 77 debtors being declared bankrupt across a number of jurisdictions.  12 have been declared bankrupt in Ireland, 63 in Britain and Northern Ireland and 2 in the USA.  NAMA is aware of 44 debtors being discharged from bankruptcy in Britain and Northern Ireland.  NAMA is currently not aware of any debtors being discharged...

Written Answers — Department of Finance: Currency Exchange (15 Jul 2014)

Michael Noonan: Section 149 of the Consumer Credit Act 1995 (as amended) requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to introduce any new customer charges or increase any existing customer charges in respect of certain services. Section 149 does not cover interest rates; it applies to fees and commissions...

Written Answers — Department of Finance: Currency Exchange (15 Jul 2014)

Michael Noonan: I have no plans to carry out an investigation to ascertain if consumers and business are being overcharged for foreign exchange services. All regulated financial institutions must comply with all the Codes of Conduct issued by the Central Bank, including the Consumer Protection Code.  Consequently, any firm to which such codes apply must, as a matter of law, comply with the...

Written Answers — Department of Finance: NAMA Investment Funds (15 Jul 2014)

Michael Noonan: I propose to take Questions Nos. 188 to 190, inclusive, together. I am advised by NAMA that it has co-invested in two Qualifying Investor Funds, Gangkhar plc, promoted by Starwood, and Targeted Investment Opportunities plc, promoted by Oaktree.  In the case of Targeted Investment Opportunities plc, NAMA has invested in two sub-funds, namely the South Docks Fund and the City Development...

Written Answers — Department of Finance: NAMA Court Cases (15 Jul 2014)

Michael Noonan: I am advised by NAMA that the cases referenced by the Deputy were inadvertently omitted from Q4/2013 s.55 report. NAMA advises that the cases relate to a debtor connection which is managed on NAMA's behalf by a Participating Institution (PI) and where the cases were initiated by that PI, under delegation from NAMA. The detail sought by the Deputy on the cases is set out as follows: Title...

Written Answers — Department of Finance: NAMA Property Sales (15 Jul 2014)

Michael Noonan: The transaction that the Deputy refers to was conducted in entirely different market conditions to those which prevail currently.   As the Deputy will recall, there was very little transactional activity and no international investment in the Irish commercial real estate market at that time.   NAMA's decision to place the asset on the market was, in part, motivated by the...

Written Answers — Department of Finance: NAMA Expenditure (15 Jul 2014)

Michael Noonan: I am advised by NAMA that its position in this matter is set out on page 29 of its Annual Report and Financial Statements for 2012.  NAMA advises that it would be inappropriate to comment in any further detail given that this is a commercial matter between it and its debtor.

Written Answers — Department of Finance: NAMA Property Sales (15 Jul 2014)

Michael Noonan: NAMA is precluded by law under s99 and s202 of the NAMA Act and by the normal rules of banking confidentiality from disclosing confidential financial information relating to its debtors.  Detail on NAMA vendor finance is provided on page 21 of NAMA's Annual Report and Financial Statements for 2013.  That Report is available on the NAMA website, .

Written Answers — Department of Finance: NAMA Loans Sale (15 Jul 2014)

Michael Noonan: I have been advised by the Special Liquidators that they will not be commenting on individual cases and that they cannot comment on the assets of Irish Bank Resolution Corporation Assurance Company Limited as this is a separate regulated entity that is outside of the control of the Special Liquidators.

Written Answers — Department of Finance: Tax Reliefs Application (15 Jul 2014)

Michael Noonan: Section 469 of the Taxes Consolidation Act 1997 provides for relief in respect of qualifying expenses incurred in the provision of health care in a tax year against the tax paid by an individual for that year.  Health care is defined as the prevention, diagnosis, alleviation or treatment of an ailment, injury, infirmity, defect or disability, and includes care received by a woman in...

Written Answers — Department of Finance: National Debt (15 Jul 2014)

Michael Noonan: One the key benefits of establishing Irish Water as a commercial utility is that it will be able to access capital markets to raise the funds needed to tackle infrastructure deficit in water services infrastructure in a timely manner.  So, in the future, the borrowings of Irish Water will not affect the national or general government debt.  To access capital markets, Irish Water...

Written Answers — Department of Finance: Banking Sector Regulation (15 Jul 2014)

Michael Noonan: I can confirm to the Deputy that I have had no communications with the company mentioned by him.  Friends First Finance Limited is authorised under Section 31 of the Central Bank Act, 1997 (as amended) to operate as a retail credit firm. As a regulated financial entity, it must comply with the Central Bank's Consumer Protection Code 2012.  In this context, the Code ...

Written Answers — Department of Finance: Tax Reliefs Cost (15 Jul 2014)

Michael Noonan: I am advised by the Revenue Commissioners that in the time available, having regard to the volume of questions received this week, Revenue are not in a position to provide the information sought in relation to the Foreign Earnings Deduction (FED). However, I will arrange for the information to be supplied directly to the Deputy. As the Deputy may be aware, the FED is currently...